India-UK CETA: A Game-Changer for Seafood Exports

The India-UK Comprehensive Economic and Trade Agreement (CETA), signed in the presence of Prime Ministers Narendra Modi and Keir Starmer, marks a pivotal moment for India's seafood sector. This agreement eliminates UK import tariffs ranging from 0 to 21.5%, covering shrimp, squid, frozen pomfret, and more, under HS Codes 03, 05, 15, 23, 95, and 1603 to 1605.

With CETA in effect, all marine products in tariff category 'A' enjoy full duty exemption, setting the stage for a projected 70% increase in exports to the UK. This boost is attributed to enhanced cost competitiveness, as India's $104 million seafood exports to the UK in 2024-25 represent just 2.25% of Britain's $5.4 billion market.

Broader Impacts Beyond Seafood

The deal's benefits extend to textiles, leather, and gems and jewellery, offering zero-duty access to 99% of tariff lines. It's a win-win, fostering job creation in India and granting UK firms access to India's burgeoning market.

Advancing Services Trade

ICRA's Aditi Nayar highlights gains in IT, financial services, and education, alongside a social security pact benefiting Indian professionals in the UK.